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CFPB Releases Report Highlighting Top Consumer Complaints

The CFPB released its annual Consumer Response Annual Report which analyzes patterns and trends in consumer complaints submitted to the Bureau in 2023.

According to the report, the most common complaints were about credit reporting, debt collection and student loans.

  • Complaints about credit or consumer reporting continued to increase in 2023, accounting for more than 81% of all consumer complaints sent to companies. The CFPB sent nearly 1.1 million credit or consumer reporting complaints to companies for review and response. Three nationwide consumer reporting agencies—Equifax, Experian, and TransUnion— accounted for more than one million of these complaints.
  • Debt collection was the second most common complaint type with the CFPB sending nearly 70,000 debt collection complaints to companies. In these complaints, consumers often did not recognize the debt being collected and requested that collectors validate debts.
  • In 2023, more than 20 million federal student loan borrowers began making payments for the first time in three years. After entering repayment, borrowers reported persistent difficulties in accessing customer service, delays in refunds for payments made during the coronavirus (COVID-19) payment pause, processing delays when attempting to access different repayment programs, and problems with qualifying payment counts for forgiveness programs, among other issues.

You can review the full Consumer Response Annual Report here.

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